Investment Rating - The investment rating for the company is maintained at "Buy" with a target price of RMB 11.16 [7][8]. Core Views - The company reported a revenue of RMB 3.531 billion for 2024, representing a year-on-year increase of 11.98%, and a net profit attributable to shareholders of RMB 142.38 million, up 30.95% year-on-year. The first quarter of 2025 saw a revenue increase of 8.6% year-on-year and a net profit increase of 1.15% year-on-year [1][2]. - The performance differentiation is primarily due to the underperformance of the cleaning appliance category, while the water health and personal care segments showed strong results. The company is expected to benefit from policy incentives and improved supply chain and channel strategies [1][2]. - The gross margin for 2024 is reported at 30.6%, a slight decrease of 0.17 percentage points year-on-year, with the cleaning and water health segments experiencing notable margin pressures [3]. - The company is actively pursuing management reforms to reduce operational costs, achieving a decrease in expense ratios in 2024 [4]. - Despite a downward revision of profit forecasts due to weak performance in cleaning appliances, the company is expected to benefit from replacement subsidies and overseas expansion opportunities [5]. Summary by Sections Financial Performance - Revenue for 2024 is projected at RMB 3.531 billion, with a growth rate of 11.98%. The net profit attributable to shareholders is expected to reach RMB 142.38 million, reflecting a 30.95% increase [6]. - The first quarter of 2025 shows a revenue increase of 8.6% year-on-year and a net profit increase of 1.15% [1][2]. Segment Performance - The cleaning appliance segment generated RMB 1.383 billion in revenue for 2024, a slight decline of 0.45% year-on-year, underperforming the industry average growth of 24.4% [2]. - The water health segment achieved a revenue of RMB 1.39 billion, up 19.5% year-on-year, while the personal care segment reached RMB 730 million, growing by 27% [2]. Cost Management - The company successfully reduced its expense ratio by 1.01 percentage points in 2024, with sales and management expenses decreasing by 1.69% and 0.13% respectively [4]. Profit Forecasts - The net profit forecasts for 2025, 2026, and 2027 are RMB 165.07 million, RMB 176.52 million, and RMB 187.32 million respectively, with corresponding EPS of RMB 0.36, RMB 0.38, and RMB 0.41 [5][6].

Core Insights - The company reported a revenue of 3.531 billion yuan for 2024, a year-on-year increase of 12%, and a net profit attributable to shareholders of 142 million yuan, up 31% year-on-year [1][2] - In Q1 2025, the company achieved a revenue of 778 million yuan, a 9% increase year-on-year, but the net profit attributable to shareholders was 24 million yuan, only a 1% increase year-on-year [1][2] Financial Performance - The company’s Q4 2024 revenue reached 1.132 billion yuan, a 28% year-on-year increase, with a net profit of 38 million yuan, up 333% year-on-year [2] - The gross profit margin for Q1 2025 was 30.38%, a decrease of 0.48 percentage points year-on-year, while the net profit margin was 2.95%, down 0.34 percentage points year-on-year [4] Brand and Product Focus - The company is focusing on its core brands, "Delmar" and "Philips," with the "Philips" brand showing double-digit growth in revenue, particularly in water health and personal care products [3] - The "Delmar" brand's revenue from home environment products was 1.383 billion yuan in 2024, a slight decline of 0.5% year-on-year, attributed to delays in new product launches [3] Market Strategy - The company is expanding its international market presence, with overseas sales increasing by 20.48% year-on-year in 2024 [3] - The company has implemented a trade-in policy that has positively impacted profitability in Q4 2024 [3][4] Profit Forecast - The company has slightly lowered its profit forecast, expecting net profits of 169 million yuan and 195 million yuan for 2025 and 2026, respectively, with a new forecast for 2027 at 222 million yuan [4]

Investment Rating - The investment rating for the company is "Outperform" [1] Core Insights - The company reported a revenue of 3.531 billion yuan for 2024, a year-on-year increase of 12%, and a net profit attributable to shareholders of 142 million yuan, up 31% year-on-year [4][7] - In Q1 2025, the company achieved a revenue of 778 million yuan, a 9% increase year-on-year, with a net profit of 24 million yuan, reflecting a 1% increase year-on-year [4][7] - The company focuses on its core brands, with the Philips brand showing double-digit growth, particularly in water health and personal care categories [7] Financial Data and Profit Forecast - The total revenue forecast for 2025 is 3.842 billion yuan, with a projected year-on-year growth rate of 8.8% [6] - The net profit forecast for 2025 is 169 million yuan, representing an 18.4% increase compared to 2024 [6] - The company expects to maintain a gross margin of around 31% in the coming years, with a projected net profit margin of 2.95% for Q1 2025 [6][7]

Core Insights - The company achieved a revenue of 3.531 billion yuan in 2024, representing a year-on-year growth of 11.98%, and a net profit attributable to shareholders of 142 million yuan, up 30.95% [1] - In Q4 2024, the company reported a revenue of 1.132 billion yuan, a year-on-year increase of 28.24%, and a net profit of 38.41 million yuan, growing by 333.24% [1] - For Q1 2025, the company generated a revenue of 778 million yuan, an 8.61% increase year-on-year, with a net profit of 23.62 million yuan, up 1.15% [1] Revenue Structure Optimization - The company focuses on three core sectors: cleaning appliances, water health, and personal health, leveraging a dual-brand strategy with Philips to enhance product offerings and market reach [2] - R&D investment reached 190 million yuan in 2024, a 25.54% increase, supporting product innovation and competitive advantage [2] - The revenue from home environment and water health products accounted for 39.17% and 39.41% of total revenue, respectively, with water health product revenue growing by 19.51% [2] Personal Health Product Growth - The personal health product category, particularly fascia guns and neck massagers, saw sales exceed 731 million yuan in 2024, marking a year-on-year growth of 27.11% [3] Manufacturing and Global Expansion - The company emphasizes lean manufacturing as a foundation for growth, enhancing production capabilities and efficiency through technology and automation [4] - In 2024, overseas revenue grew by 20.42%, with significant market presence in Southeast Asia, Japan, Korea, Europe, and the Middle East [4] - The company is actively expanding its overseas channels by leveraging local teams and participating in international trade events to enhance market influence [5] Policy Alignment and Market Opportunities - The company is strategically positioned to benefit from national policies such as "old-for-new" and energy efficiency subsidies, aligning product innovation with energy-efficient upgrades [5]

广东德尔玛科技股份有限公司（以下简称"公司"）第二届董事会第九次会议审议 通过了《关于召开 2024 年度股东大会的议案》，决定于 2025 年 5 月 16 日召开公司 2024 年度股东大会，现将本次会议有关事项通知如下： 一、召开会议的基本情况 1、股东大会届次：2024 年度股东大会 证券代码：301332 证券简称：德尔玛 公告编号：2025-021 广东德尔玛科技股份有限公司 关于召开2024年度股东大会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 2、股东大会召集人：公司董事会 3、会议召开的合法、合规性：本次股东大会的召开符合《中华人民共和国公司法》 《中华人民共和国证券法》《深圳证券交易所创业板股票上市规则》等有关法律法规、 部门规章、规范性文件和《公司章程》的有关规定。 4、会议召开日期和时间： （1）现场会议召开时间：2025 年 5 月 16 日下午 14:30 （2）网络投票时间： 通过深圳证券交易所交易系统进行网络投票的具体时间为 2025 年 5 月 16 日上午 9:15—9:25，9:30—11:30 和下午 13: ...

证券代码：301332 证券简称：德尔玛 公告编号：2025-011 广东德尔玛科技股份有限公司 第二届监事会第九次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 广东德尔玛科技股份有限公司（以下简称"公司"）第二届监事会第九次会议于 2025 年 4 月 24 日以现场方式召开。会议通知已于 2025 年 4 月 14 日通过邮件和即时通 讯工具的方式送达各位监事。本次会议应出席监事 3 人，实际出席监事 3 人。本次会 议由监事会主席卢婷女士主持，公司董事会秘书列席了会议，会议的召开符合《公司 法》和《公司章程》的有关规定。 二、监事会会议审议情况 1、审议通过《关于〈2024 年年度报告〉及其摘要的议案》 经审核，监事会认为：董事会编制和审核公司《2024 年年度报告》及其摘要的程序 符合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了公司的 实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 具体内容详见公司同日披露于巨潮资讯网（www.cninfo.com.cn）的相关公告。 本议案尚需提交 ...

证券代码：301332 证券简称：德尔玛 公告编号：2025-010 广东德尔玛科技股份有限公司 第二届董事会第九次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 一、董事会会议召开情况 广东德尔玛科技股份有限公司（以下简称"公司"或"德尔玛"）第二届董事会第 九次会议于 2025 年 4 月 24 日以现场方式召开。会议通知已于 2025 年 4 月 14 日通过 邮件和即时通讯工具的方式送达各位董事。本次会议应出席董事 5 人，实际出席董事 5 人。本次会议由董事长蔡铁强先生主持，公司监事及高级管理人员列席了会议，会议 的召开符合《公司法》和《公司章程》的有关规定。 二、董事会会议审议情况 1、审议通过《关于〈2024 年年度报告〉及其摘要的议案》 经审议，董事会认为，公司《2024 年年度报告》全文及其摘要符合法律、行政法 规等相关规定，内容真实、准确、完整，不存在任何虚假记载、误导性陈述或重大遗 漏。 《 2024 年 年 度 报 告 》 全 文 及 其 摘 要 详 见 同 日 刊 登 在 巨 潮 资 讯 网 （www.cninfo.co ...

广东德尔玛科技股份有限公司 第二届董事会第九次会议的 独立董事专门会议决议 根据《广东德尔玛科技股份有限公司章程》（以下简称《公司章程》）和广 东德尔玛科技股份有限公司（以下简称"公司"）《独立董事工作制度》等有关 规定，作为公司的独立董事，我们对公司本次接受关联方担保暨关联交易的相关 议案进行了认真审议，并仔细阅读了相关资料。现基于独立判断立场，我们对相 关事项决议如下： 《关于公司接受关联方担保暨关联交易的议案》 经审核，我们认为：公司控股股东为公司向金融机构申请授信额度提供担保， 公司接受关联方无偿提供担保构成关联交易。该等关联交易有利于保证公司业务 发展所需的资金需求，符合上市公司利益，不存在损害股东特别是中小股东利益 的情形。本次关联交易事项不会对公司的独立性构成影响，程序合法有效。 综上，我们一致同意上述议案。 独立董事：谢军、纪建斌 2025 年 4 月 25 日 ...

证券代码：301332 证券简称：德尔玛 公告编号：2025-012 广东德尔玛科技股份有限公司 关于2024年度利润分配预案的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 广东德尔玛科技股份有限公司（以下简称"公司"）于 2025 年 4 月 24 日召开第 二届董事会第九次会议审议通过了《关于 2024 年度利润分配预案的议案》，该事项尚 需提交公司 2024 年度股东大会审议，现将有关情况公告如下： 分红有关事项的通知》《上市公司监管指引第 3 号——上市公司现金分红》及《公司 章程》等制度和股东回报规划关于利润分配的相关规定，与公司实际情况相匹配，该 利润分配方案合法、合规、合理。 （三）2024 年度累计现金分红总额及股份回购情况 一、本次利润分配预案基本情况 （一）利润分配预案的具体内容 根据天健会计师事务所（特殊普通合伙）出具的天健审〔2025〕7-520 号《审计报 告》，公司合并报表 2024 年度实现归母净利润为 142,375,272.92 元，母公司净利润 105,024,474.54 元，按照 10%提取法定盈余公积 10,5 ...

证券代码：301332 证券简称：德尔玛 公告编号：2025-023 广东德尔玛科技股份有限公司 关于回购股份实施完毕的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 广东德尔玛科技股份有限公司（以下简称"公司"）于 2024 年 4 月 25 日召开了 第二届董事会第三次会议，审议通过了《关于回购公司股份方案的议案》，同意公司 使用自有资金以集中竞价交易方式回购公司部分人民币普通股（A 股）股份（以下简 称"本次回购"），用于实施股权激励计划或员工持股计划。本次回购的资金总额不 低于人民币 2,000 万元（含），不超过人民币 4,000 万元（含），回购价格上限不超过 人民币 16.52 元/股（含）。回购股份的实施期限自公司董事会审议通过回购方案之日 起 12 个月内。具体内容详见公司 2024 年 4 月 29 日和 2024 年 5 月 9 日刊登于巨潮资 讯网（www.cninfo.com.cn）的《关于回购公司股份方案的公告》（公告编号：2024- 015）和《回购报告书》（公告编号：2024-021）。鉴于公司实施 2023 年度权益分派 ...